Large Premium Fundraising Significantly Boosts Liquidity; Operating Loss Persists but Long-Term Growth Drivers Secured
In March 2026, the company successfully raised approximately 98.4B KRW through premium issuances of convertible preferred shares (52.7B, at 91,077 KRW per share), convertible bonds (37.2B), and bonds with warrants (8.5B), boosting cash and cash equivalents to 107.1B KRW, significantly improving financial stability.
Consolidated Q1 revenue was 392.7M KRW (up from 169.1M KRW in Q1 2025), while operating loss widened to 8.38B KRW (from 5.37B) due to increased R&D expenses (5.52B) and SG&A costs.
Consolidated net income turned positive at 923M KRW (vs -8.16B in Q1 2025), but this was driven by one-time financial gains (derivative valuation gains of 13.0B). Separate operating loss was 5.84B, indicating continued operational losses.
The largest shareholder, CEO Kim Joo-hee, saw her stake decline to 10.50% (from 11.65%) due to share issuance from CB conversions and stock option exercises, raising total shares to 13.86M, diluting existing shareholders.
Consolidation of subsidiary Quratis (40.87% stake) increased total assets to 214.8B KRW, with expectations to expand long-acting injectable and mRNA CDMO business using Quratis' GMP facilities.
[AI Summary]The premium large-scale fundraising dramatically improved liquidity, but ongoing operating losses in the core R&D stage and dilution risks from conversion rights mean the key to stock performance lies in realizing long-term pipeline value rather than short-term price gains.